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PRESENTED BY GROUP 5EKANSH GARG- 20GAURAV CHAUDHARY- 21ISHITA VERMA- 23JASHAN PAL SINGH- 24
Q1) WHICH OF THE FOLLOWING IS NOT A FORM OF COMPENSATIONA) WagesB) Paid vacationsC) Public AppraisalD) Retirement benefits
BASIC PAYCONVEYANCE ALLOWANCEINCENTIVES
Q3) THE PRIMARY PART OF PAY PACKAGE WHICH IS GENERALLY DETERMINED THROUGH JOB EVALUATION IS CALLED?(A) Allowances(B) Basic Pay(C) Incentives(D) Fringe Benefits
Q4) PROVIDENT FUND, GRATUITY, ENCASHMENT OF EARNED LEAVE, LTC, MEDICAL AID, INTEREST FREE LOANS, STOCK OPTIONS ETC. ARE THE TYPES OF?Perquisites(B) Allowances(C) Incentives(D) Basic pay
Q5) ANSWER WHETHER IT IS BASE COMPENSATION OR SUPPLEMENTARY COMPENSATION________________ denotes payments to workers in form of wages and salaries.
BASE COMPENSATION
_____________ are offered in form of employee benefits & services SUPPLEMENTARY COMPENSATION
____________ denotes payments to workers in form of wages and salaries BASE COMPENSATION
___________ payments are made to increase efficiency of employees and to retain them in organization for long-termSUPPLEMENTARY COMPENSATION
Q6) IDENTIFY THE COMPENSATION PHILOSOPHIESNo raise on basis of job tenureNo raise for poor performing employeesMarket-adjusted pay structuresPay linked to performance targetsANS) PERFORMANCE PHILOSOPHY
Seniority based compensationAcross-the-board raisesPay scale increase annuallyHoliday bonuses given to all employeesENTITLEMENT PHILOSOPHY
Q7) MENTION ANY THREE OBJECTIVES OF WAGE AND SALARY ADMINISTRATIONTo establish a fair and equitable remunerationTo attract competent personnelTo retain the present employeesTo improve productivityTo control costsTo improve union management relationsTo improve public image of the company
WHAT ARE THE METHODS OF WAGE PAYMENTS?
PIECE WAGE SYSTEM
2) TIME WAGE SYSTEM
DEFINE TIME WAGE SYSTEM Wages are paid on the basis of time spent on the job irrespective of the amount of work done.The unit of time may de a day, a week, a fortnight or a month.
DEFINE PIECE WAGE SYSTEM Wages are based on the amount of work done or output of worker. A specific rate of wage is paid per piece.Greater is number of pieces produced by a worker, higher is his/her remuneration.It focuses on payment by results.
Q8) WHICH WAGE SYSTEM IS APPLICABLE IN FOLLOWING CONDITIONS?
Non-measurable units of output and mental work involved
No clear cut relation between effort and output
Time Wage System
Q9) CONT. Work done by an individual worker can be measured accuratelyQuantity of output depends directly upon the skills and efforts of the workerFlow of work is regular and interruptions are minimumQuality and workmanship are not very important
Piece Wage System
Q10) CONT.Delays in work are frequent and beyond employees control
Quality of work is very important
Machinery and material used are sophisticated and expensive
Time Wage System
Q11) CONT.Work is highly varied in nature and performance standards cannot be established
Workers are new and learning on the job
Collective efforts of group are essential for completing the jobTime Wage System
Q12) CONT.Quality and workmanship are not very importantMethods of production are standardized and the job is of repetitive natureWhen lesser supervision is possible
Piece Wage System
Q10) MENTION ANY THREE BENEFITS OF INCENTIVE COMPENSATIONWork study done before introducing wage incentive plan helps in improvements in methods, work flow etc.Employees are encouraged to become more innovative.Employees need lesser supervision.It helps in maintaining good human relations in organization.It increases workers morale.
WHAT ARE THE TWO BASIS OF INDIVIDUAL INCENTIVES PLAN?
1)TIME
2)PRODUCTIVITY
HALSEY PLAN AND ROWAN PLAN ARE BASED ON WHICH INDIVIDUAL INCENTIVE PLAN
1)TIME
2)PRODUCTIVITYTIME
MERRICK PLAN AND TAYLOR PLAN ARE BASED ON WHICH INDIVIDUAL INCENTIVE PLAN?
1)TIME
2)PRODUCTIVITY
PRODUCTIVITY
WHICH INDIVIDUAL INCENTIVE PLAN IS TIME BASED?
1)GANTT PLAN
2)BEDEAUX PLAN
BEDEAUX PLAN
WHAT ARE THE EMERGING CONCEPTS IN INCENTIVE PLANNING?
1)PROFIT SHARING
2) LABOUR CO-PARTNERSHIP
WHAT ARE THE FRAMEWORK CHOICES FOR PROFIT-SHARING PLAN?
1)FUNDING CHOICES
2)ALLOCATION CHOICES
WHAT ARE THE BENEFITS OF INCENTIVE COMPENSATION
Employees are encouraged to become more innovative.
2) Employees need lesser supervision.
3) It helps in maintaining good human relations in organization.
4) It increases workers morale.
WHICH OF THE FOLLOWING IS NOT A FUNCTION OF ESOPS?
1) Eligibility may be performance or salary level or length of service or a combination of these2) Employee stock option plan is voluntary in nature3) It offers attraction of extra payment for increased productivity4) It makes the employee part owner of the companyAns3:- It offers attraction of extra payment for increased productivity
WHICH OF THESE ARE LABOUR-CO PARTNERSHIP CONCEPTS IN INCENTIVE PLANS?
1)It is an extension of profit-sharing2) It is voluntary agreement between the employer & employees3) The scheme is generally made available to employees with some minimum years of experience4) Employees are made partners of enterprise and are allowed to participate in the management and control of undertaking
1)It is an extension of profit-sharing4) Employees are made partners of enterprise and are allowed to participate in the management and control of undertaking
WHICH OF THESE ARE PROFIT- SHARING CONCEPTS IN INCENTIVE PLANS?
1) The payment may be in form of cash, companys shares or deposit in PF account.2) Workers participate only in companys profits and not losses3) Workers share in company profits is paid in form shares by which they become entitled to participate in decision-making process 4) It is an extension of profit-sharing
1)The payment may be in form of cash, companys shares or deposit in PF account.2) Workers participate only in companys profits and not losses
WHAT ARE THE COMPONENTS OF COMPENSATION SYSTEM DESIGN ISSUES?
1)Compensation fairness and equity
2) Market competitiveness and compensation
3) Competency based pay
4) Individual v/s Team rewards
5) Compensating expatriates
FILL THE BOXESA) Competency based payB) Individual v/s Team rewardsC) Lead the marketD) External &equity